Hi! Just posted an overall analysis of the cRUDE Oil market for the past several decades and the current bull market. Thought you crude specialists might be interested. http://spaces.msn.com/caldaroEW/ Below is the most recent chart:
The key price to watch next week is $61.04 EOD. This should determine whether or not the correction will be multi-week or short term. If this price holds cRUDE should rally from here.
It didn't hold! Looks like we're in a huge FLAT formation, within an ongoing five wave decline to retest the Nov lows at $56. Should bounce here in the 4th wave...
It appears cRUDE is finally starting establiah a clear pattern. Seeing a triangle wave 4 formation, still to be completed. Should take a few more weeks. When are the seasonal for Crude...next month?
Crude: A rally this week here also, but I believe it to be in the context of a nearly completed 4th wave triangle. Thus expecting one more push down this week to end the triangle. http://spaces.msn.com/caldaroEW/